{
  "id": 12175120,
  "title": "Subsidy removal: How we spent $500m — FG",
  "url": "https://urgent.news/2026/10/05/subsidy-removal-how-we-spent-500m-fg",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-05T13:36:35.000Z",
  "source": {
    "name": "Daily Trust",
    "slug": "daily-trust",
    "url": "https://dailytrust.com/subsidy-removal-how-we-spent-500m-fg/"
  },
  "original_language": "en",
  "account": "The Federal Government announced that savings and increased liquidity resulting from the removal of the petrol subsidy have allowed it to allocate approximately $500 million for the restoration of Lagos airport and other vital aviation infrastructure. Minister of Aviation and Aerospace Development, Festus Keyamo, revealed this information on Monday during a celebration marking the 67th anniversary of Aero Contractors Airline in Lagos.\n\nKeyamo clarified that the funds were not procured through borrowing, but rather became available due to improved liquidity and foreign reserves under President Bola Tinubu's administration. He responded to a query from the Managing Director of Aero Contractors concerning the state of the aviation sector under the administration's Renewed Hope Agenda.\n\nThe minister emphasized that the government's capacity to undertake significant infrastructure projects is directly linked to the economic transformations brought about by the removal of the fuel subsidy. \"Let's be honest,\" Keyamo stated, acknowledging that everyone is a politician, but asserting that the truth is that the President has allocated $500 million to reconstruct the Lagos airport, not through borrowing, as our liquidity and foreign reserves have risen from $3 billion to $56 billion.\n\nDespite ongoing discussions about the economic ramifications of the fuel subsidy removal, particularly its impact on household incomes and the increasing costs of essential commodities such as food and transportation, Keyamo defended the government's approach. He argued that stronger macroeconomic fundamentals and higher foreign reserves are crucial to attract investment and generate employment opportunities.\n\nResponding to concerns regarding the relevance of foreign reserves to Nigerians experiencing economic difficulties, Keyamo dismissed the notion that people are starving or facing dire circumstances as \"cheap talk\" meant to evoke sympathy. He maintained that the government's primary objective should be to create an environment conducive to attracting foreign investors, which would bring capital, infrastructure, and job opportunities. Keyamo highlighted that foreign investors are more likely to invest in a country when they observe a healthy economy, robust foreign reserves, and the potential for infrastructure development and job creation.\n\nKeyamo challenged those calling for the suspension of the subsidy removal, questioning what would truly entice investors or create jobs. He argued that job creation cannot be achieved solely through government announcements; instead, it depends largely on infrastructure development and private investments. He emphasized that jobs are created as a result of the infrastructure built or investments made, not through mere government promises.",
  "summary": "The Federal Government has said savings and improved liquidity following the removal of the petrol subsidy enabled it to mobilise about $500 million for the reconstruction of the Lagos airport and other critical aviation infrastructure. The Minister of Aviation and Aerospace Development, Festus Keyamo, disclosed this on Monday in Lagos while speaking at the 67th […]",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}